Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0358%/8h= +39.2% APRpaid last 24h +0.001%

Price spread now: BingX against Bullet−0.015%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Bullet Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.034%−$3 on $10k

Price spread, last 4 days (all we have)−0.620%−$62 · spread now −0.015%, 7d avg −0.030%

Together, before fees−0.654%−$65 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.034% in total (about -3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	94.287	−0.0258	get 0.0032% / 1h	30m 54s	$112K	$577K	20x
Short	BingX HYPE-USDT	94.273	0.0100	get 0.0050% / 4h	3h 30m	—	$53.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bullet. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BulletbpFee BingXbpOrdersPrice spread, now −0.015%Rate

Funding earned: $75.23
Price spread: −0.015% → −0.030%: $1.53
Slippage, 4 orders: −$4.11
Fee Bullet: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: $54.65
Costs to cover: 0.221%
Break-even: 1.9 days

Slippage from Bullet: live order book, 3 min ago; BingX: live order book, 8 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bullet live order book, 3 min ago	0.48 bp	5.9 bp −$6	11.0 bp −$110	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.16 bp	5.2 bp −$5	5.5 bp −$55	11.2 bp −$1,117	18.1 bp −$9,032

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.0824%	1h	94.246	−0.043%	$210K	$271K	7x	as long as short
Bluefin HYPE-PERP	−0.0615%	1h	94.289	+0.002%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0292%	1h	94.545	+0.274%	$22K	$20K	10x	as long as short
Bullet HYPE-USDlong	−0.0258%	1h	94.287	long leg	$112K	$577K	20x
Ondo Perps HYPE-USD.P	−0.0189%	1h	94.280	−0.007%	$701K	$1.3M	10x	as long as short
Gate HYPE_USDT	−0.0120%	4h	94.277	−0.011%	$51.4M	$55.2M	75x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.304	+0.018%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.378	+0.097%	$89K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.175	−0.119%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0048%	8h	94.260	−0.029%	$317.5M	$294.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.310	+0.025%	$18.8M	$35.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.274	−0.014%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.222	−0.068%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.384	+0.103%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.348	+0.065%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.344	+0.061%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.289	+0.002%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.234	−0.056%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.330	+0.046%	$4.7M	$6.0M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.277	−0.011%	$226.7M	$98.6M	75x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.378	+0.097%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0043%	8h	94.240	−0.049%	$337K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0047%	8h	94.274	−0.014%	$117.6M	$327.5M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	94.263	−0.025%	$7.5M	$10.4M	20x	as long as short
SoDEX HYPE-USD	+0.0059%	1h	94.305	+0.019%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.360	+0.077%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.318	+0.033%	$16.2M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.318	+0.033%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.368	+0.086%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.300	+0.014%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.320	+0.034%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.375	+0.093%	$2.07B	$688.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.256	−0.033%	$9.5M	$38.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.269	−0.019%	$10.1M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.293	+0.006%	$379.7M	$937.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.294%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.273	−0.015%	$92.8M	$86.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.268	−0.020%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	94.273	−0.015%	—	$53.6M	—
Variational Omni HYPE	+0.0100%	8h	94.619	+0.353%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.378%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.293	+0.006%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.294	+0.007%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.418	+0.139%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.380	+0.099%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.469	+0.193%	$1.4M	$6.9M	75x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	94.326	+0.041%	$12.9M	$2.9M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.249	−0.040%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.411	+0.131%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.361	+0.078%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.937%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.305	+0.020%	$85K	$104K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0312%	1h	94.412	+0.133%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.360	+0.078%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.295	+0.008%	$17.2M	$12.5M	75x	as long as short